David borrowed $2500 from his local bank. The yearly interest rate is 8%. If David pays the full principle and interest in the first year of the loan, how much money will he pay to the bank?

Question

Mathematics

Cedric

1 December, 17:54

David borrowed $2500 from his local bank. The yearly interest rate is 8%. If David pays the full principle and interest in the first year of the loan, how much money will he pay to the bank?

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Answers (1)

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Anaya Hamilton · Answer 1

Answer:$2700

Step-by-step explanation: Really depends on the kind of interest, but you would take the initial amount, and multiply it by the APR for the amount of interest, then add the interest to the initial amount.